We note Liberum Capital analyst Eoin Lambe has maintained his Buy rating on the company's European stock as NOK manages to overcome supply issues relating to its Lumia 920.

Supply fails to keep up with demand

According to Liberum Capital the Lumia 920 now appears to be back in stock at many channels worldwide where it was originally shipping in November.

"It is also now available for shipment within 24 hours at Amazon Wireless in the US which we believe was the single largest source of initial orders for the device," says Lambe.

Liberum believe Nokia received orders for about 2.5m Lumia 920s by the third week of November, most of which came from the US market through three channels – Amazon Wireless, AT&T and Best Buy.

Lumia 920s in various colours accounted for many of the top 10 selling phones on Amazon in the first few weeks of November.

However, since then the phone has been completely out of stock on the site, with orders also not being taken. Some other sites in the US and elsewhere were still taking orders but with shipment expected in a few weeks.

Supply situation rectified

That situation seems to have changed in the last 24 hours with the phone now being available once again on Amazon and many other sites for delivery within 24 hours.

Lambe says:

"With almost two weeks still to go in the quarter we believe demand is likely to be high once again, leading to overall shipments of Lumia 920s likely to be above our current estimate of 3m units for the quarter.

"We also expect another 2m units of other Lumia models in the quarter including the Lumia 510, 820, 822, 810, 505 etc. At this point we believe volumes of the Lumia range including the 920 and the 920T are likely to remain stable in Q1’13 as well, since the phone will be shipping in volume in many key markets including China only next quarter."

European markets open in the red

Europe is trading largely in the red in line with Asian stocks which fell overnight.

Losses were limited as Japanese shares jumped after a party that backs more economic stimulus returned to power.

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